Oil Price Stands at $114 in the World Market

Brent crude oil price in the global market remained high as staying close to $114 per barrel, this is due to rising tensions in the Middle East and uncertainty over oil supply routes.

Few days back Brent crude oil  fell slightly by about 0.8 percent to around $113.5 per barrel after a strong rise of nearly 6 percent in the previous session. However , U.S. West Texas Intermediate (WTI) crude down about 2 percent selling at $104 per barrel. 

Due to  ongoing  conflict between the United States and Iran continues in the Gulf region the recent price movements are not at standstill. For taking control over Strait of Hormuz, both  sides have carried out new attacks  while trying to control the a key route for global oil shipments. This has weakened an already fragile ceasefire and increased fears of supply disruption.

Analysts say that, due to these geopolitical tensions Oil markets have become highly unstable. However, prices are fluctuating sharply because traders are worried about possible interruptions in oil flow through the region.

If this conflict brought under control and continues  it  further disruption in supply could push prices even higher in the coming days.